We took off 40% of our puts off for a nice profit.
The puts are trading just slightly below where we bought them.

Our original thesis was that this would be a week of high volatility in the metals, plus
we wanted some downside exposure for the Friday Unemployment data.

We got a quick dollar move so we took off almost half the trade Monday and left the rest on for what we call a “free look”.

A free look is when you pay for a trade by taking partial profits  “thereby trading on house money“.  We’ve taken the original investment off the table by reducing the amount of money we have at risk.

Even though the Silver is up big today we have mademoney on this trade. We are left with a free look going into Friday’s data.